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Robinsonian and Kaleckian growth. An update on post-Keynesian growth theories

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  • Stockhammer, Engelbert

Abstract

The aim of the paper is to give an overview over basic models of Post-Keynesian growth theory. Two major families of growth models are discussed, one developed by Joan Robinson, the other by Michal Kalecki. Both share an independent investment function that depends on income distribution and a savings function that depends on income distribution. The core difference that the Robinsonian model assumes full capacity utilization in the long run, while the Kaleckian model has capacity utilization as an endogenous variable. The characteristics of these models and in particular the effects of changes in the savings propensity and the relation between distribution and growth are highlighted and contrasted. A short run Keynes-Kalecki model is as a benchmark case. (author's abstract)

Suggested Citation

  • Stockhammer, Engelbert, 1999. "Robinsonian and Kaleckian growth. An update on post-Keynesian growth theories," Department of Economics Working Paper Series 186, WU Vienna University of Economics and Business.
  • Handle: RePEc:wiw:wus005:186
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    Cited by:

    1. Setterfield, Mark & Kim, Yun K., 2016. "Debt servicing, aggregate consumption, and growth," Structural Change and Economic Dynamics, Elsevier, vol. 36(C), pages 22-33.
    2. Gerlinde Fellner & Matthias Sutter, 2009. "Causes, Consequences, and Cures of Myopic Loss Aversion - An Experimental Investigation," Economic Journal, Royal Economic Society, vol. 119(537), pages 900-916, April.
    3. Mark Setterfield & Yun K. Kim & Jeremy Rees, 2016. "Inequality, Debt Servicing and the Sustainability of Steady State Growth," Review of Political Economy, Taylor & Francis Journals, vol. 28(1), pages 45-63, January.
    4. Hagemann, Harald, 2010. "L. Albert Hahn's Economic Theory of Bank Credit," Department of Economics Working Paper Series 2948, WU Vienna University of Economics and Business.
    5. Theresa Grafeneder-Weissteiner & Klaus Prettner, 2009. "Agglomeration and population ageing in a two region model of exogenous growth," VID Working Papers 0901, Vienna Institute of Demography (VID) of the Austrian Academy of Sciences in Vienna.
    6. Ricardo Azevedo Araujo & Joanílio Rodolpho Teixeira, 2010. "A Multi-Sector Version of the Post-Keynesian Growth Model," Working papers - Textos para Discussao do Departamento de Economia da Universidade de Brasilia 330, Departamento de Economia da Universidade de Brasilia.
    7. Steidl, Annemarie & Stockhammer, Engelbert, 2007. "Coming and leaving. Internal mobility in late Imperial Austria," Department of Economics Working Paper Series 768, WU Vienna University of Economics and Business.
    8. Engelbert Stockhammer & Paul Ramskogler, 2009. "Post-Keynesian economics How to move forward," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 6(2), pages 227-246.
    9. Özlem Onaran, 2007. "International financial markets and fragility in the Eastern Europe: "can it happen" here?," Department of Economics Working Papers wuwp108, Vienna University of Economics and Business, Department of Economics.
    10. Currie, Martin & Kubin, Ingrid, 2005. "Fixed price dynamics versus flexible price dynamics," Department of Economics Working Paper Series 114, WU Vienna University of Economics and Business.
    11. Osmar Leandro Loaiza Quintero, 2012. "La demanda agregada y la distribución del ingreso: un estudio a partir de los modelos de crecimiento kaleckianos," REVISTA CUADERNOS DE ECONOMÍA, UNIVERSIDAD NACIONAL DE COLOMBIA -FCE - CID, December.
    12. Theresa Grafeneder-Weissteiner, 2010. "Demographic change, growth and agglomeration," Department of Economics Working Papers wuwp132, Vienna University of Economics and Business, Department of Economics.
    13. Esteban Perez Caldentey & Matias Vernengo, 2013. "Wage and Profit-led Growth: The Limits to Neo-Kaleckian Models and a Kaldorian Proposal," Economics Working Paper Archive wp_775, Levy Economics Institute.
    14. Araujo, Ricardo Azevedo & Teixeira, Joanílio Rodolpho, 2011. "Decisions on investment allocation in the post-Keynesian growth models," MPRA Paper 33639, University Library of Munich, Germany.
    15. Engelbert Stockhammer & Paul Ramskogler, 2007. "Uncertainty and exploitation in history," Department of Economics Working Papers wuwp104, Vienna University of Economics and Business, Department of Economics.
    16. Olivier Allain, 2006. "La modération salariale : le point de vue des (néo-)kaleckiens," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00196500, HAL.
    17. Riedl, Aleksandra & Rocha-Akis, Silvia, 2007. "Testing the tax competition theory: How elastic are national tax bases in western Europe?," Department of Economics Working Paper Series 860, WU Vienna University of Economics and Business.
    18. Badinger, Harald & Kubin, Ingrid, 2007. "Vom kurzfristigen zum mittelfristigen Gleichgewicht in einer offenen Volkswirtschaft unter fixen und flexiblen Wechselkursen," Department of Economics Working Paper Series 666, WU Vienna University of Economics and Business.
    19. Engelbert Stockhammer, 2004. "Is there an equilibrium rate of unemployment in the long run?," Review of Political Economy, Taylor & Francis Journals, vol. 16(1), pages 59-77.
    20. Pasquale Commendatore & Ingrid Kubin & Carmelo Petraglia, 2009. "Footloose Capital and Productive Public Services," Chapters,in: Geography, Structural Change and Economic Development, chapter 1 Edward Elgar Publishing.
    21. Engelbert Stockhammer, 1999. "The Slowdown of Accumulation and the Rise of European Unemployment," Working Papers geewp08, Vienna University of Economics and Business Research Group: Growth and Employment in Europe: Sustainability and Competitiveness.

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    Keywords

    Neokeynesianismus; Wachstumstheorie;

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